Kuwait’s oil exports declined to KD30.8 billion ($109.5 billion) in 2013, down by three per cent from 2012, according to a report by National Bank of Kuwait (NBK).

The fall in the Gulf state’s oil exports were mainly due to lower oil prices in 2013 as the market eased due to surging non-OPEC supplies and a modest growth in global demand. Kuwait’s export crude prices averaged $105 per barrel last year, down four per cent from its 2012 prices, the report said.

Lower oil exports also pushed down the OPEC member’s trade surplus, which fell to KD24.3 billion last year compared to KD25.7 billion in 2012, according to NBK. The surplus is estimated to be around 48 per cent of Kuwait’s GDP in 2013.

According to the state’s central bank governor, Kuwait’s economy is expected to grow between three to 3.5 per cent this year.

High oil prices have helped the Gulf Arab state to build large fiscal buffers till date. But experts have warned Kuwait to cut down its burgeoning public wage bill and to diversify its revenues to keep posting budget surpluses.